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Read more about: lic jeevan sangam

LIC's Jeevan Sangam Single Premium Plan(831): Should You Buy?


Life Insurance Corporation (LIC) recently launched a single premium plan where the risk cover is several times the annual premium paid multiple.


Jeevan Sangam Single Premium Plan is a participating single premium plan that benefits those who are looking at taking cover by paying just a single premium.

This plan was launched along with the Children's Money back Plan on March 4 and would be available for 90 days from March 4, 2015. Click to know more about LIC's New Children Money Back Plan.

Death Benefit

In the first five years if there is a death that happens to the policy holder it is not good news for the beneficiaries as one would get only the single premium back.

On the other hand in case death happens 5 years after the date of commencement of risk, the company will pay basic Sum assured i.e. 10 times the tabular single premium shall be payable.

LIC's Jeevan Sangam Single Premium Plan: Should You Buy?

So, as an example, if you pay an annual premium of Rs 20,000, the cover after 5 years would be Rs 2 lakhs. There would also be a loyalty addition as applicable and if any.


Maturity Benefit

On maturity, the Maturity Sum Assured along with Loyalty Addition, if any, will be paid

Eligibility Conditions:

Minimum Entry Age 6 years (completed)
Maximum Entry Age 50 years (nearest birthday)
Minimum/Maximum Basic Sum Assured 10 times of tabular single premium
Minimum Maturity Sum Assured Rs. 75,000/-
Maximum Maturity Sum Assured No Limit
Policy Term 12 years
Premium payment mode Single premium only

(Except for minimum Maturity Sum Assured of Rs 75000/-, higher Maturity Sum Assured than this amount shall be in multiple of Rs 10000/- only.)

Specimen tabular Single Premium rates for some of the ages per Rs.1000/- Maturity Sum Assured are as under.

Sample Premium Rates:

Age at entry (Nearest Birthday) Tabular Single Premium Rates (Rs.)
10 472.70
20 485.30
30 497.55
40 567.35


As with most LIC policies one can also avail a loan under this plan, but, only after three months from the date of the policy.

The policy can be also be surrendered by the policyholder any time during the policy year.

The Guaranteed Surrender Value allowable shall be as under: First year: 70% of the Single premium paid excluding extra premiums paid and taxes, if any. Thereafter: 90% of the Single premium paid excluding extra premiums paid and taxes, if any.

Should You Opt For The Scheme?

There is nothing extraordinary in the scheme and is like most other one time LIC Schemes. If you are young it would be advisable to go for a proper term policy, where you will get very high coverage.

The other drawback of the scheme is that you do not get much if the policy holder dies in the first five years. Therefore, it is advisable to look at other term policies.

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